Sri Lanka, Feb. 11 -- Despite multiple attempts by the Ceylon Petroleum Corporation (CPC) to modernize and upgrade the Sapugaskanda oil refinery, previous efforts have not succeeded. Although cabinet approval had been granted earlier to establish the refinery as a separate public enterprise and seek a strategic investment partner, no action was taken. Plans to explore a new refinery in Trincomalee also remained unimplemented.

Under the current government's energy policy, modernizing the existing refinery or constructing a new one has been identified as a priority. Following a feasibility study conducted in 2022, the CPC board of directors has approved calling for expressions of interest to identify a suitable investment partner.

Accordi...